Global smart healthcare market to reach US$30 billion by 2023: Report

The global smart healthcare market is expected to reach a total revenue of US$30 billion by 2023, according to market research firm P&S Market Research.

The market will be driven mostly by the growing elderly population, which will give rise to demand for personalized healthcare, mHealth technologies and advanced smart home healthcare technologies.

In terms of networking technologies, cellular network accounted for a 64.2% market share in 2017 among wireless communication and other technologies. The market research firm attributed the leading position to cellular network’s easy accessibility and ease of use.

In terms of application, the market research firm created these categories: fall prevention and detection, safety and security, monitoring, health status monitoring, nutrition/diet monitoring, memory aids and others.

Among these categories, fall prevention and detection had the largest global market share of 39% in 2017.

According to the World Health Organization, falling is the second major cause of accidental or unintentional injuries and deaths worldwide. People over 65 years old experienced the most fatal falls.

Although the global smart home healthcare market is expected to see growth in the coming years, P&S Market Research highlights Asia Pacific as the region to have the strongest demand – 41.1% in growth annually.

In addition, larger patient base and increasing life expectancy will drive IT investments in the healthcare industry in the region.

Countries such as Malaysia, Singapore, Indonesia, Thailand and India are changing their healthcare policies and encouraging startups to develop disruptive technologies to tackle key medical challenges.

The research firm indicated key service providers and manufacturers in the smart home healthcare market as AT&T, ABB, Siemens, Schneider Electric, General Electric, Honeywell, Smart Solutions, Essence Group and Koninklijke Philips.